Loading chat...
FL H0307
Bill
Status
Passed
6/26/2017
Primary Sponsor
Insurance and Banking Subcommittee
Click for details
AI Summary
- Amends s. 631.713, F.S. to expand the Florida Life and Health Insurance Guaranty Association Act's coverage of annuity contracts not issued to individuals, adding coverage for annuities issued under 26 U.S.C. s. 408(b) and annuities held by a custodian or trustee under 26 U.S.C. s. 408(a) (IRA-related annuities)
- Sets the association's maximum aggregate liability per life for an insolvent insurer at $100,000 in net cash surrender and withdrawal values for life insurance, $250,000 for deferred annuity contracts, and $300,000 for all benefits including cash values
- Establishes a new $500,000 maximum liability effective January 1, 2020, for basic hospital expense, basic medical-surgical, and major medical expense health insurance policies, excluding long-term care policies
- Clarifies that the expanded annuity exclusion rules apply to every insolvency regardless of date of inception, and premiums for excluded products may not be included in the assessment base
- Effective date of July 1, 2017
Legislative Description
Florida Life and Health Insurance Guaranty Association
Last Action
Chapter No. 2017-131
6/26/2017
Committee Referrals
Banking and Insurance4/25/2017
Commerce Committee2/28/2017
Insurance And Banking Subcommittee1/25/2017
Full Bill Text
No bill text available